Gross Domestic Product and Economic Growth quiz

More questions about Gross Domestic Product and Economic Growth

These visible examples show the question style. LearnClash turns the full topic into ranked duels and spaced repetition.

1. 1 Easy

   Who accounts for the most spending in US GDP?

   Answer: Households

   Why: Households buy about two thirds of US output, while government purchases make up under a fifth.

2. 2 Medium

   Which UN index adds health and schooling to income?

   Answer: Human Development Index

   Why: Its income part uses gross national income per person rather than GDP per person.

3. 3 Hard

   What does GDP call the rent homeowners 'pay' themselves?

   Answer: Imputed rent

   Why: Without it, GDP would fall every time a tenant bought the home they had been renting.

4. 4 Easy

   What does selling your old car to a friend add to GDP?

   Answer: Nothing

   Why: Only new production counts: had a dealer sold the car, just the dealer's margin would have been added.

5. 5 Medium

   What happens to GDP per person if GDP grows 2% and population 3%?

   Answer: Falls about 1%

   Why: Subtraction is only a shortcut: dividing 1.02 by 1.03 shows the fall is really about 0.97%.

6. 6 Hard

   About how much quarterly growth equals a 4% annualized rate?

   Answer: 1%

   Why: US figures are annualized while euro area figures are not, so the same quarter can look roughly four times bigger in US headlines.